Medtronic Inc. (MDT)

Medtronic Inc. (MDT) | Analysis of Inventory

Inventory Accounting Policy

Inventories are stated at the lower of cost or market, with cost determined on a first-in, first-out basis.

Source: Medtronic Inc., Annual Report

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Medtronic Inc., Statement of Financial Position, Inventory

USD $ in millions

Source: Based on data from Medtronic Inc. Annual Reports

Item	Description	The company
Finished goods	Carrying amount as of the balance sheet date of merchandise or goods held by the company that are readily available for sale.	Medtronic Inc.'s finished goods increased from 2009 to 2010 and from 2010 to 2011.
Work in process	Carrying amount as of the balance sheet date of merchandise or goods which are partially completed, are generally comprised of raw materials, labor and factory overhead costs, and which require further materials, labor and overhead to be converted into finished goods, and which generally require the use of estimates to determine percentage complete and pricing.	Medtronic Inc.'s work in process increased from 2009 to 2010 but then slightly declined from 2010 to 2011.
Raw materials	Carrying amount as of the balance sheet date of unprocessed items to be consumed in the manufacturing or production process. Also includes purchased parts that will be used as components of a finished product.	Medtronic Inc.'s raw materials declined from 2009 to 2010 but then increased from 2010 to 2011 exceeding 2009 level.
Inventories	Carrying amount (lower of cost or market) as of the balance sheet date of inventories less all valuation and other allowances. Excludes noncurrent inventory balances (expected to remain on hand past one year or one operating cycle, if longer).	Medtronic Inc.'s inventories increased from 2009 to 2010 and from 2010 to 2011.